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Acknowledge payments in accordance with contractual obligations or legal obligations.


CONTROL ID
06897
CONTROL TYPE
Acquisition/Sale of Assets or Services
CLASSIFICATION
Preventive

SUPPORTING AND SUPPORTED CONTROLS



This Control directly supports the implied Control(s):
  • Establish, implement, and maintain an accounting system., CC ID: 08950

There are no implementation support Controls.


SELECTED AUTHORITY DOCUMENTS COMPLIED WITH



  • A public body that provides for a manner of payment may make or accept payment by electronic means or in electronic form. (§ 20(c)(iii), The Electronic Communications and Transactions Act, 2002)
  • Pension (P33.2. ¶ 1(5) 4), FISC Security Guidelines on Computer Systems for Financial Institutions, Ninth Edition, Revised March 2020)
  • The supplier shall receive and acknowledge payment from the organization in accordance with the agreement. (§ 6.1.2.3(f)(1), ISO 15288-2008 Systems and software engineering - System life cycle processes, R 2008)
  • Determine whether the institution treats deposits resulting from ACH transmitted debits on other accounts as uncollected funds until there is reasonable assurance the debits have been paid by the institution on which they were drawn. Also, determine whether management monitors drawings against uncol… (App A Tier 1 Objectives and Procedures Objective 8:10, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)